Swyftx Cuts Cut 35% Of Employees In The Difficult Market Context

Swyftx, an Australian-based cryptocurrency exchange, announced the layoffs of a total of 90 employees in anticipation of the worst-case scenario that could result from the impact of FTX and a projected decline in global trading volumes in 2019.

The co-CEO, Alex Harper, announced the information in a statement on December 5 and noted that, although the company had no exposure to FTX, it was “not immune” to the consequences of the collapse of the exchange.

According to a spokeswoman, the exchange had about 259 people before the layoffs, which would indicate that Swyftx is cutting about 35% of its total employment.

Swyftx added that it has no direct connection to the insolvent crypto industry behemoth. FTX. The company claimed that the layoffs were due to FTX’s disruption of the cryptocurrency market.

Approximately 630,000 people use the cryptocurrency exchange, according to Harper’s blog post.

The layoffs occur as the cryptocurrency market is still reeling from the fallout from FTX and the ensuing market slump. Bybit made a 30% staff reduction announcement on Sunday.

Swyftx is one of the best Cryptocurrency Exchanges on the market and has everything you need rolled into one platform. Users can trade over 320 assets on Swyftx including Bitcoin, Ethereum, Ripple and Litecoin as well as DeFi coins such as UniCoin.

This trading platform has low fees, small spreads, allows you to chart all of your favourite cryptocurrencies across multiple currencies on the platform’s TradingView, has an incomparable demo mode for practice trading, exceptional customer support, real-time feeds and two-factor authentication for added security.

The platform is primarily aimed at people in Australia due to the fact that it adheres to their regulations and complies with their tax laws. However, people from New Zealand, the United Kingdom, and Canada can also create an account, with support for Ireland and India coming in the near future.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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